IOB, Times Group's Magicbricks tie up to recover `800 crore by selling re-possessed assets

New Delhi: Indian Overseas Bank plans to recover dues worth over Rs 800 crore by e-auctioning re-possessed properties through a tie-up with realty portal Magicbricks.

The auction will take place in two phases beginning October 21 and on October 30. The properties spread across 12 cities are to be auctioned.

"Indian Overseas Bank (IOB) has signed up with Magicbricks for the e-auction of 500 plus re-possessed properties worth more than Rs 800 crore," the bank said in a release.

Indian Overseas Bank said that out of the 500 plus properties, majority are in Chennai and Coimbatore, rest are located across Mumbai, Pune, Nagpur, Kolkata, Ranchi, Meerut, Lucknow, Ludhiana, Hyderabad and Bhopal. Property seekers need to log onto auctions.magicbricks.com/bank/event/IOB to register for the e-auction and can participate by depositing the earnest money with their nearest IOB branch.

Re-possessed properties are those assets that were mortgaged and attached by the lender in cases where borrower failed to repay the loan.